accumulation

accumulation defined in 1939 year

accumulation - Accumulation (Lat. ad, to; cumulare, to heap up);accumulation - Term used in English law. By the Thellus-son Act (1800) restrictions were placed on the accumulation of the income of property in the hands of trustees. A testator or settlor can direct the accumulation of the income of property only for one of the following periods: (1) the life of the settlor; (2) 21 years after his death; (3) the minority of any person or persons living at the settlor's death; or (4) the minority of any person who, if of full age, would be entitled to the income. Any excess over these periods is, with a few exceptions, void. The Thellusson Act is so called because it was a consequence of the will of Peter Thellusson (q.v.).